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Adlabs cuts IPO price, extends offer till 17th March

Due to lukewarm response to its Rs470-crore initial public offer (IPO), Adlabs Entertainment has revised the offer price downwards by Rs41 to Rs180-Rs215 and extended closure date by five days

 

Adlabs Entertainment has revised offer price for its initial public offering (IPO) to Rs180-Rs215 from Rs221 to Rs230 and also extended closure date till 17th March due to below expected response from investors.
 
According to reports, the issue was subscribed only 43% on the last day (12th March) though the retail portion was fully subscribed. The company had provided a discount of Rs12 a share to all eligible retail investors.
 
Adlabs Entertainment, owns and operates Imagica, a theme park located at Khapoli, between Mumbai and Pune. The company is raising about Rs470 crore funds to retire debt. The issue comprises a fresh issue of 1.83 crore shares and an offer for sale of 20 lakh shares by Thrill Park.
 

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Another car plunges in Neera River. PWD, NHAI still not concerned
In a repeat of a 2013 accident, on 11th March, another car plunged into the Neera River near Bhor, killing four young people 
 
It is time, yet again, to invoke Section 4 of the Right to Information (RTI) Act to nail the Public Works Department (PWD) in Maharashtra, which, despite directions, has failed to build protective railings on the bridge on Mahad-Bhor Road, about 55 kms from Pune, in order to prevent accidents where vehicles slip into the river from the bridge. This led to another mishap earlier this week on 11th March, where four more young people died as their car plunged into the River.
 
 
When contacted, Police Inspector HD Chaugule confirmed to Moneylife that, the PWD did not heed to their earlier warnings to strengthen the bridge railings. If the PWD had heeded to their request, the car could have been prevented from falling into the river even if the driver in this case was over speeding. “Once again, the State Highway Police has sent a letter to the PWD department in Pune on 11th March, to immediately build a protective wall.” Chaugule said
 
Much like the 2013 car tragedy, the police have cited lack of signboards at the entry of the bridge and the lack of sturdy railings and a crash barrier at the entry point of the bridge as reasons for the gravity of the mishap. The four people who died included a young couple, Pravin and Riddhi Bhosale, their two year old son, Shaurya and Pravin’s father.  
 
After another such incident in 2013, where four bright youngsters from the field of advertising lost their lives, the writer had invoked Section 4 of the RTI Act only to find that the Reliance subsidiary, which is the private contractor in partnership with the National Highway Authority of India (NHAI), is shirking its responsibility of maintenance and putting the onus on the Authority. In this game of ping-pong, hundreds of commuters have died – 175 of them in the 23kms stretch between Katraj ghat and the Nira bridge on Pune-Satara Road in a span of seven months between 2012 and 2013. 
 
Interestingly, RTI documents procured from NHAI, Pune, proved that strengthening of bridge railings and construction of crash barriers is pertinent for safety of commuters. It is the same affliction on the state owned highways, if the 11th March tragedy is anything to go by.
 
The details revealed in a 2012 tragedy are remarkably similar to the present case, including the sloppy maintenance by the PWD. PS Toll Roads Pvt Ltd, the subsidiary agency of Reliance Infra, which operates and maintains the Pune-Bangalore Highway in the Maharashtra jurisdiction, in its letter to the Project Director, NHAI on 25 November, 2013 stated “…raising and strengthening of the Median wall (wall in between the two bridges) to the height of the crash barrier, is required for all the six major bridges between Dehu Road and Satara and not only for the Neera River bridge.” 
 
The major bridges which need urgent repairs have been identified by the contractor as Pawana Bridge, Mula Bridge, Mutha Bridge, Krishna River Bridge, Venna River Bridge and Neera River Bridge. Repairs have also been recommended for a series of culverts and small bridges.
 
In a letter written by Nagendra Rai, officer of the PS Toll Roads to Mr Kaundal, he admits that all the major bridges and some of the culverts are ‘unsafe’ for commuters. The letter states, “You are aware that gap between all existing minor/major bridges and slab culvert is not properly closed by crash barrier or extending medial wall up to the level of crash barrier and the same is leading to unsafe situation for the traffic.”
 
RTI activist DVR Rao, who is following up on the 2013 Neera tragedy issue with the highest authorities in Delhi, is now pursuing the 11th March accident. He says, “Deaths on the roads have become far too common where the reason is the total disregard by the road building authorities for the safety of the vehicle users. There have been far too many cases of vehicles falling off hillsides and near bridges and off sharp turns. All because of bad road designs and the refusal to build protective railings or retainer walls. The latest is the car falling into the Neera river near Ambeghar because of the failure of the state PWD to build a strong retainer wall. This refusal to act in spite of repeated recommendations to the effect by the Bhor police is totally inexcusable.”
 
Earlier there were two cases of cars falling into the river at Shirwal on the NH 8, again due to the ignorance of police requests for safety measures by the NHAI. The worst part is that nobody - from the NHAI to the agency exclusively charged with ensuring safety measures - accepted any responsibility. Several accidents have occurred at the Thapa Point on the Wai-Pachagani road but no PWD agency accepted responsibility and no safety measures have been incorporated till date.
 
This attitude of the road designing and building authorities must change and systems for pinpointing responsibility and penalising those responsible for accidents must be put in place urgently.’’
 
Watch this space for more information on this issue.
 
You may also want to read…
 
 
 
 
(Vinita Deshmukh is the consulting editor of Moneylife, an RTI activist and convener of the Pune Metro Jagruti Abhiyaan. She is the recipient of prestigious awards like the Statesman Award for Rural Reporting which she won twice in 1998 and 2005 and the Chameli Devi Jain award for outstanding media person for her investigation series on Dow Chemicals. She co-authored the book “To The Last Bullet - The Inspiring Story of A Braveheart - Ashok Kamte” with Vinita Kamte and is the author of “The Mighty Fall”.)

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Railways promises to make additional 23 emergency medical rooms operational by October
During a hearing at the Bombay HC, the Railways said it would set up EMRs at 23 additional stations and make it operational by October this year
 
The Indian Railways has assured the Bombay High Court that it would set up emergency medical rooms (EMRs) at 23 additional stations and would make it operational by October this year. The HC was hearing a petition filed by railway and RTI activist Sameer Zaveri.
 
A division bench of Justices Abhay Oka and Anil Menon stated the need for such emergency care units at all stations. "Setting up of emergency medical rooms was the first phase. The railways should now take responsibility and make available medical facilities at each and every station," the Bench said. 
 
The bench also observed that most doctors who sit in the 108 Ambulance service outside 48 stations are not qualified or trained to handle medical emergency and trauma situations, as they are not MBBS graduates, but Ayurvedic doctors. “Mandatory training should be provided at government centres, otherwise the purpose of having doctors in the ambulances is not served," the Judges said.
 
The Railways have promised to set up EMR units at Stations in the Central, Western and the Harbour line at Churchgate, Mumbai Central, Bandra, Andheri, Goregaon, Malad, Kandivli, Borivli, Vasai Road, Virar, Palghar, CST, Kurla, Ghatkopar, Mulund, Thane, Dombivli/Kopar, Kalyan, Vadala Road, Vashi, Panvel and Karjat. 
 
As of now, the only EMR unit set up by the Railways is located in Dadar, and that too was set up under the orders of the High Court. This time around, while the Railways has promised to set up other units, it has requested for exemption from setting up such units at CST and Kopar – the former because of its vicinity to St. George hospital, and the latter owing to its inaccessibility. 
 
The Railways accepted that stationmasters are also ill equipped to handle track-accident cases, or even escort victims to the hospital, since these were medico-legal cases. They insisted that it is the GRP that can handle these situations, and they would need to be deployed at stations at all times.
 
The HC has scheduled a hearing on this matter for 25th March. 
 
One would recall that only last month, a young woman lost her life after she fell off a moving train after someone threw a stone at her, and the GRP constable refused to take her to a private hospital. She died because she did not get medical aid in time. 
 
Railway activists can perhaps now breathe a sigh of relief, as this landmark move is a result of more than a decade long struggle on their part to get the railways to provide emergency medical aid to passengers who suffer injuries while travelling in, or getting in and out of trains. Reasons such as falling off overcrowded trains, or into gaps between platforms and trains, or being run over by trains while crossing tracks, have resulted in around 6,617 accidents on the tracks, including 3,352 deaths in 2014 alone. The Railways has, in most cases, refused to accept any responsibility for these accidents, usually blaming negligence on the part of passengers for the same. 

 

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